Hilton Grand Vacations falls as Apollo carves stake in $300 mln secondary offering

Shares of timeshare operator Hilton Grand Vacations HGV.N down 5.3% at $42.60 premarket after secondary offering priced

Orlando, Florida-based firm HGV late Tues announced 7 mln shares sold by entities managed by Apollo Global Management APO.N

Offering priced at $43.15, thefly.com reports, a 4% discount to stock's last close

Also, HGV to concurrently repurchase $40 mln worth of the offering shares from the underwriters

Wells Fargo is lead bookrunner for the offering, joined by Deutsche Bank and Barclays

Prior to the offering, Apollo owned ~26.3 mln shares for nearly 30% stake in HGV, per the prospectus

With ~89 mln shares outstanding, HGV has $4 bln market cap

HGV shares on Tues rose 3.4%, extending YTD gain to ~15%

Of 9 analysts covering HGV, 5 rate "buy", 3 have "hold" and 1 has "sell" rating; median PT of $51 up from $42.50 a month ago, LSEG data reflects